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An insurance rating engine is a sequence that allows the calculation of a price/premium based on specific risk variables, formulas, rules and underwriting guidelines.
You would use an insurance rating engine because it allows you to be more consistent in the allocation of premium to specific risks vs being manual or gut-feeling pricing.
Thanks to simplifying pricing and underwriting processes, rating engines enable business users to design, build, and test these algorithms and rate tables and support them when creating new insurance products.
once the rules are set, you have a green light to an efficient automated underwriting process. Non-technical users can do it all by themselves, no programming skills need
Rating is a core success factor for insurers and MGAs, impacting directly their performance and business results....